Nasdaq-listed owner of bulk carriers Eagle Bulk Shipping has entered into a series of agreements for the purchase of up to 37 exhaust gas cleaning systems (scrubbers) which are to be retrofitted on vessels within its fleet.
The contracts include firm orders for 19 scrubbers and up to an additional 18 units. The projected cost, including installation, is approximately USD 2 million per scrubber system.
Eagle Bullk said that it intends to complete the retrofit of all 19 vessels prior to the January 1, 2020 implementation date of the new sulphur emission cap regulation.
The company said that it has developed a scrubber installation program with an unnamed engineering firm whereby a significant amount of the required retrofit work will be carried out on board the vessels while at sea and trading, thereby reducing off-hire time as compared with a typical shipyard installation.
“Today’s announcement is the culmination of significant work and analysis, and we are excited to be able to position ourselves to not only meet the forthcoming sulphur emission regulations, but also to realize the economic advantage we believe scrubbers will provide. Additionally, we are confident that Eagle Bulk’s active owner-operator model will ensure that we can effectively maximize the returns on this investment and technology,” Gary Vogel, Eagle Bulk’s CEO, commented.